A Trump-Powell clash could shake up interest rates, inflation and your summer spending. Here are 3 ways it might hit your wallet.

The Fed is seen as virtually certain to leave interest rates unchanged despite intense pressure from President Donald Trump and his allies on Chair Jerome Powell to deliver a cut.

When the Fed cut short rates in the fall, long-bond yields spiked.

For the past several months, the average 30-year fixed mortgage rate has sat between 6.5% and 7%. Prospective homebuyers shouldn't hold their breath for that to change anytime soon. On July 30, the Federal Reserve is expected to keep borrowing rates the same at its fifth monetary policy meeting this year.

A U.S. District Court judge rejected a bid to force the Federal Reserve to open to the public a meeting on setting interest rates this week. The decision found that the Federal Open Market Committee is not a government agency subject to the federal "Sunshine Act" requiring open meetings.

Commerce Secretary Howard Lutnick discusses how President Donald Trump and Federal Reserve Chair Jerome Powell’s sparred over renovation costs for the ‘Fed Mahal’ on ‘The Ingraham Angle.’

The Federal Reserve is kicking off meetings as a decision over interest rates is expected. President Trump has urged Fed chair Jerome Powell to apply a cut. CBS News MoneyWatch correspondent Kelly O'Grady has the latest.